NEW YORK, Dec. 19, 2019 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company") today announced Gan
Su BHD Environmental Technology Co., Ltd ("Gan Su BHD"), 51%-owned
subsidiary of the Company's VIE affiliate, signed a one-year sludge
treatment agreement with Sinopec Huabei Oilfield Branch Oil
Extraction First Factory ("Huabei Oilfield").
According to the agreement, Huabei Oilfield engages Gan Su BHD
to dispose of the oily sludge of the Pingliang Industrial Zone. Gan
Su BHD shall bag, transfer, and dispose of oily sludge pursuant to
national safety and environmental protection requirements. The
total fee is calculated by multiplying the actual transshipment
sludge treatment tonnage by the unit price per ton (RMB 2,145, or approximately $306). The Company estimates that the oily sludge
amount to be disposed during one year is approximately 2,000
tons.
Oily sludge is one of the most significant solid wastes
generated in the petroleum industry. It has been estimated that one
ton of oily sludge waste is generated from every 500 tons of crude
oil processed. Oily sludge disposal will positively reduce the
volume of hazardous petroleum sludge from storage tanks, and
therefore reducing environmental pollution.
"Recon's mission is not only to promote the oilfield production
but also to protect public safety and the environment," Mr.
Guangqiang Chen, co-founder and CTO
of Recon said. "In addition to signing this agreement with Huabei
Oilfield, we have also reached other deals with other oilfields,
such as Yumen Oilfield. We expect that these agreements can bring
our company more than $1 million in
income during 2020."
About Recon Technology, Ltd.
Recon Technology,
Ltd. (RCON) is China's first non-state-owned
oil and gas field service company listed on NASDAQ. Recon
supplies China's largest oil exploration
companies with advanced automated technologies, efficient
gathering and transportation equipment and reservoir stimulation
measures for increasing petroleum extraction levels, reducing
impurities and lowering production costs. Since 2017, the Company
has expanded its business operations into other segments of the
broader energy industry including electric power, coal chemicals,
renewable energy and environmental protection in the energy and
chemical industries. Through the years, Recon has taken
leading positions on several market segments of the oil and gas
field service industry. Recon also has developed stable long-term
cooperation relationships with its major clients, and its
products and service are well accepted by clients. For additional
information please visit: www.recon.cn.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the company, are expressly qualified by the
cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, the company
disclaims any obligation to update any forward-looking statements
to reflect events or circumstances after the date hereof.
IR contact:
Dragon Gate Investment
Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com
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SOURCE Recon Technology, Ltd.